Ardonagh Advisory Holdings Ltd., a subsidiary of The Ardonagh Group, announced, it has agreed to acquire a majority shareholding in leading High Net Worth (HNW) broker Stanhope Cooper and managing general agent Renovation Underwriting.
Under the agreement, which is subject to regulatory authority, Ardonagh will acquire a shareholding in N&W Investments, which holds Stanhope Cooper, Renovation Underwriting, and also the businesses, Insurance Tailors and Porterhouse Brokers. Financial details of the deal were not disclosed.
Stanhope Cooper is a high-growth, multi-generation family brokerage based in Petersfield, England, providing insurance and risk management advice to HNW private clients and business owners.
The firm was founded in 2006 and is led by Managing Director William Cooper, who in 2012 took over the reins of the business from his father and company Chairman Nicholas Cooper. William Cooper will continue to lead the business in his current role.
Stanhope Cooper will become part of the Ardonagh Advisory platform, where it will use its specialist expertise to provide further opportunities for collaboration to enhance Ardonagh’s HNW offering.
Renovation Underwriting, which operates independently from Stanhope Cooper, is an established market-leading MGA, providing insurance for private client contract works and high value projects.
It will join Ardonagh Advisory’s UK Commercial MGA, where its niche specialisms will complement Ardonagh’s existing product suite. Doug Brown, managing director of Renovation Underwriting will continue to lead the business and will join the UK Commercial MGA executive committee, which is led by CEO Jaime Swindle.
“This latest addition to the Advisory portfolio demonstrates our commitment to furthering the depth and breadth of our client proposition,” commented Richard Tuplin, CEO, Advisory Insurance Brokers Ltd.
“By investing in these high-pedigree businesses, we are supporting our strategy to continue expansion into HNW private clients as well as large corporate and commercial clients,” Tuplin added. “Stanhope Cooper is a highly entrepreneurial company, which has achieved an impressive level of organic growth and we are excited to start work with the team to support their ambitions.”
“The team at Renovation Underwriting have a wealth of experience and strong carrier relationships that complement our existing insurer partnerships and product strategy,” according to Jaime Swindle, CEO Commercial MGA, Ardonagh Advisory.|
“As the Commercial MGA continues to focus on offering specialist products to market, this business, along with Doug Brown’s market leading expertise, will help to further enhance our proposition and the group as a whole,” Swindle said.
“Ardonagh represents the right opportunity at the right time for our business to achieve that vital next step,” said William Cooper, managing director of Stanhope Cooper. “We sought an investor so that we could achieve even greater heights by diversifying our business to provide something truly unique and improve our offer to clients.”
Doug Brown, managing director, Renovation Underwriting, commented: “Our new backing from The Ardonagh Group enables us to move forward with the same vision, but with a bigger platform and greater resources to propel our ambitious plans – all of which will still be led and delivered by our specialist, committed team.”
Source: Ardonagh Advisory Holdings
Topics Mergers & Acquisitions Agencies Underwriting Insurance Wholesale
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